A terrible lesson was read to shareholders in Assurance Societies
on Wednesday. In 1849 the Family Endowment Society sold a deferred annuity to General Pott. In 1861 the Society sold itself to the Albert, and was dissolved. When the Albert failed, General Pott still wanted his money, and as he had not assented to the Society's cool transfer of all its liabilities, he petitioned that it should be wound up, and he himself, therefore, paid off. The Society was, of course, most indignant—the idea of a policy- holder having rights l—but the Vice-Chancellor decided that when Smith owes cash to Brows, he can't refer him to Jones without Brown's express consent., which consent is not implied by Brown receiving instalments through Jones. That is good news for our unfortunate Indian friends. Their special Insurance office, the Medical and Invalid, never was insolvent, never was anything but prosperous, and if they can dig it out of the depths of the Albert, they may get something yet.
Previous page
